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Home-movers will carry on after lockdown

Monday, May 11, 2020

We are taking calls everyday from clients who are trying to understand what is likely to happen with the property market once lockdown has eased. Seemingly lots of people have been asking Rightmove the same questions - so they decided to crunch some numbers for you.

They surveyed attendees of their live Q&A and asked them if their plans before lockdown had now changed. The results showed that the vast majority of buyers and sellers with sales already agreed or those hoping to move when lockdown ends intend to continue with their plans.

Most of the properties that were on the market for sale before lockdown have actually stayed on the market, with total available stock for sale down just 2.2%.

Who is carrying on with their plans?
Four in ten (40%) buyers and sellers said they were going ahead as planned and over half (54%) said they had postponed their plans for now but were planning to continue after the lockdown ends.

People looking on Rightmove initially dropped by 40% at the start of lockdown, but have been recovering slowly over the past few weeks. This week they are up over 20% when compared with the first few days of lockdown.

So it seems that the resolve of buyers and sellers is clear, they want to continue with their plans once they are able to.

A move out of the city…
Some home-hunters may also be considering not just a new home, but a new location. This time last year, 42% of Londoners enquiring about a property were looking to move outside of the capital, and this has risen to over half (51%) this April.

There is a similar trend in Edinburgh where 60% of residents are looking to move outside, up from 53% in April 2019. In Birmingham, half of those living there are enquiring inside the city and half outside the city, up from 45% looking outside the city last year. They have seen similar shifts in other cities including Liverpool, Sheffield, Glasgow and Bristol.

The numbers show that it’s not unusual for there to be a large proportion of people planning to buy out side the city they’re in, if they’re looking to get more for their money. But since lockdown they've seen a notable shift or more people contemplating a move outside their city.

If you are maintaining your plans or if the situation in lockdown has given you pause for thought and made you want a different way of life that would benefit from a new home give us a call. Our dedicated team would be delighted to help you lay excellent foundations to put you in the best position to move forward once you are able.

Article taken in part from www.rightmove.co.uk - to read the article in full why not visit their website where you will also find for handy guides and additional information or enrol on one of their web-chats to get up to the minute news about the property industry.

Important Information
All property sales and the financial advice that surrounds them are as unique as the people engaging in the transaction. It is important to not make a decision without seeking professional advice. If you want to sell your home and are considering redecorating before marketing, speak to one of our Property Professionals to get the best advice for presenting your home for sale before making any investment. This article is for the purpose of information only and should not be seen as financial advice. 

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